Rupert Murdoch is out of the US satellite TV business. News Corporation announced that it has completed its swap deal with John Malone’s Liberty Media Corporation, which got approvals earlier this week from the FCC and DOJ.
Under the terms of the agreement, approved by News Corporation stockholders way back in April of last year, Liberty exchanged its entire 16% stake in News Corp. stock (324.6 million Class A and 188 million Class B shares) for 100% of a News Corporation subsidiary, whose holdings consist of a 41% stake (470.4 million shares) in The DirecTV Group Inc.; three Regional Sports Networks (FSN Northwest, FSN Pittsburgh and FSN Rocky Mountain); and approximately 625 million in cash.
News Corporation proclaimed the move the completion of a 10.1 billion bucks stock buyback, the largest in the company’s history.
